Kolkata/ Mumbai: India's foreign exchange reserves rose by $4.529 billion in the week to March 21, with the Reserve Bank of India being buying dollars at regular intervals to rebuild the forex stockpile.
The forex reserves rose to an all-time high of $705 billion at the end of September last year. RBI had sold dollars from the cofer to support the rupee while it was under severe pressure.
Meanwhile, the central bank said that valuation gains amounted to $3.1 billion in April to December 2024, down from $11.1 billion in the same period in preceding year.
On a balance of payments basis (i.e., excluding valuation effects), foreign exchange reserves decreased by $13.8 billion during April-December 2024 as against an accretion of $32.9 billion during April-December 2023.
Foreign exchange reserves in nominal terms (i.e., including valuation effects) decreased by $10.7 billion during April-December 2024 as against an increase of $44.0 billion in the corresponding period of the preceding year.
Source Name : Economic Times